Trump’s metal tariffs are ‘like an atomic bomb’ for European firms, lobbyist says

European as well as Japanese trade officials are meeting U.S. counterparts This specific week as they seek clarity as to what is actually the basis for being excluded through the brand-new tariffs.

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The U.S. decided to exempt Canada as well as Mexico through the brand-new duties last week as well as stated of which some other countries could potentially also be excluded.

“The issue is actually of which these measures are mainly affecting (U.S.) allies. They claim of which the measures are directed to China, yet of which’s basically Canada, EU, Japan, South Korea, these are natural allies of the U.S.,” Santos said.

“If they exclude all these countries, there aren’t many countries left of which will be subject to the measures,” she added.

Meanwhile, European steel as well as aluminum businesses are reportedly preparing for a collapse in local prices if the tariffs are indeed applied to their region. Charles de Lusignan, through the Steel Association for Europe, told CNBC Monday morning of which ultimately the tariffs could mean a scaling back in Europe, with firms letting people go, cutting investment as well as also innovation.

“We need to act immediately because the damage will be done within the first weeks,” he said. “In fact of which might already be happening, because obviously an exporter knows of which the steel might be blocked from the future so they already start sending of which ahead.”

“So we might well see import surges currently, even if the measures aren’t already in place.”